Overseas investment decision for case 201520030 - Intueri Education Group Limited | Toitū Te Whenua

Decision	Consent granted Section 12(b) Overseas Investment Act 2005
Decision Date	19 November 2015
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of New Zealand Institute of Sport Limited which owns or controls a leasehold interest in 1.6291 hectares of land at 66A-68 Wharenui Road, Christchurch.
Consideration	$19,250,000 subject to adjustment in accordance with the share sale agreement
Applicant	Intueri Education Group Limited Australian Public (78.47%) New Zealand Public (21.53%)
Vendor	John Ioane Fiso, Anne-Marie Hanning and Rebecca Sengia Ama as trustees of Trust 191 New Zealand (100%)
Background	The Applicant is involved in the ownership and operation of private training enterprises. The Applicant intends to expand the private training enterprises of New Zealand Institute of Sport Limited, by hiring additional staff and focusing its expansion efforts on international student markets. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. Overseas Investment Act 2005 17(2)(a)(i) – Jobs 17(2)(a)(iii) – Increased export receipts Overseas Investment Regulations 2005 28(f) – Advance significant Government policy or strategy 28(j) – Oversight and participation by New Zealanders
More information	Mark Forman Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140